South Korean Credit Cards a New Tool For Government Regulation

Many South Koreans use credit cards as a way to trim costs. These cards have nice incentives like airline miles, reward points, and tax rebates which Koreans use with prudence. Credit cards have also been encouraged by the government to regulate the flow of cash to fight corruption and the underground economy.

Come to think of it, I have never heard of a drug or arms dealer accepting Visa or MasterCard and I have done business with quite a few. Its a shame really, the underground economy is able to employ people in places that many businesses would not operate and form lasting friendships. Think of all the culture, love, and money that these people will lose. Story from The International Herald Tribune.